On April 15, 2021, fire damaged the office and warehouse of Flounder Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared. $43,528 FLOUNDER CORPORATION MARCH 31, 2021 Cash $19,290 Accounts receivable 41,550 Inventory, December 31, 2020 80,250 Land 36,030 Buildings 109,100 Accumulated depreciation Equipment 3,696 Accounts payable Other accrued expenses Common stock Retained earnings Sales revenue Purchases 49,260 Miscellaneous expense 26, 110 $365,286 25,166 7,732 108,800 49,260 130,800 $365,286 The following data and information have been gathered. 1. The fiscal year of the corporation ends on December 31. 2. An examination of the April bank statement and canceled checks revealed that checks written during the period April 1-15 totaled $12,040: $5,867 paid to accounts payable as of March 31, $3,490 for April merchandise shipments, and $4,245 paid for other expenses. Deposits during the same period amounted to $13,589, which consisted of receipts on account from customers with the exception of a $879 refund from a vendor for merchandise returned in April. 3. Correspondence with suppliers revealed unrecorded obligations at April 15 of $17,059 for April merchandise shipments, including $2,276 for shipments in transit (f.o.b. destination) on that date. 4. Customers acknowledged indebtedness of $41,450 at April 15, 2021. It was also estimated that customers owed another $8,160 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $639 will probably be uncollectible. 5. The companies insuring the inventory agreed that the corporation's fire-loss claim should be based on the assumption that the overall gross profit rate for the past 2 years was in effect during the current year. The corporation's audited financial statements disclosed this information: Net sales Net purchases Beginning inventory Ending inventory Year Ended December 31 2020 2019 $527,330 $409,060 266,250 250,630 51,500 60,710 80,250 51,500 6. Inventory with a cost of $7,180 was salvaged and sold for $3,350. The balance of the inventory was a total loss. Compute the amount of inventory fire loss. (Round ratios for computational purposes to 2 decimal places, e.g 78.52% and final answer to O decimal places, e.g. 28,987.)